Artisan Partners, an investment management company, released its second-quarter 2026 investor commentary for the "Artisan Global Opportunities Strategy". The letter can be downloaded here. Global equities rebounded sharply during the quarter, with the MSCI ACWI Index returning 15.3% as resilient economic growth, strong corporate earnings, and continued enthusiasm around artificial intelligence supported markets despite persistent inflation, higher bond yields, and geopolitical uncertainty. The portfolio reported strong absolute returns of 12.65% (net) but underperformed the benchmark, mainly because of its underweight exposure to information technology and overweight position in health care. Strong stock selection in technology and energy partially offset these headwinds. The fund continues to see attractive long-term opportunities across AI infrastructure, health care and consumer internet, while remaining disciplined on valuation as several AI-related stocks have appreciated sharply. Management remains focused on durable franchises with identifiable profit cycles and attractive long-term earnings potential. Also, check the Strategy's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Artisan Global Opportunities Strategy highlighted Lam Research Corporation (NASDAQ:LRCX), a leading semiconductor equipment company that supplies semiconductor processing equipment. Lam Research Corporation (NASDAQ:LRCX) accounted for 2.5% portfolio and contributed positively to the strategy's performance this quarter. On September 1, 2026, Lam Research Corporation (NASDAQ:LRCX) closed at $290.20 per share. Over the past month, Lam Research Corporation (NASDAQ:LRCX) declined 5.60%, but its shares are up 196.91% over the past year. Lam Research Corporation (NASDAQ:LRCX) has a market capitalization of $363.13 billion.
Artisan Global Opportunities Strategy stated the following regarding Lam Research Corporation (NASDAQ:LRCX) in its Q2 2026 investor letter:
"Our top contributors in Q2 were AMD, Lam Research Corporation (NASDAQ:LRCX) and Taiwan Semiconductor Manufacturing (TSMC). Lam is a leading supplier of semiconductor manufacturing equipment, with dominant positions in etching and deposition. The company delivered results that exceeded elevated expectations, with margins remaining above anticipated levels and guidance pointing to continued momentum. In response to rising semiconductor capital spending, particularly in memory, management increased its outlook for 2026 wafer fabrication equipment spending to approximately $140 billion, representing roughly 27% year-over-year growth. Given the stock's recent appreciation and valuation approaching the upper end of our target range, we trimmed the position to manage risk and position size."

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